Gov. Phil Murphy announced Thursday New Jersey’s unemployment rate in October hit a record low.
The 4.1 percent rate for October, which decreased by 0.1 percent from September’s 4.2 percent, is the lowest since June 2001, he said.
Employment expanded in the state for the sixth consecutive month, with total nonfarm wage and salary employment increasing by 17,400, reaching a seasonally-adjusted level of 4.21 million, according to estimates from the U.S. Bureau of Labor Statistics.
“Over the past year, we’ve made incredible strides to build a stronger and fairer economic future for everyone in the Garden State, and today’s news is a testament to those efforts,” Murphy said.
Murphy said although the unemployment rate is at a 17-year low, there’s still work to be done.
“New Jersey’s unemployment rate may be at a 17-year low, but there’s still significant work to be done for millions of hardworking New Jerseyans who struggle every day to make ends meet, including a long overdue raise in the minimum wage to $15 an hour. My administration is laser focused on promoting long-term economic growth that creates good-paying jobs and increased opportunity for every New Jersey family.”
When compared to last October, employment is higher by 68,500 jobs, which all came from the private sector, according to the New Jersey Department of Labor and Workforce Development.
Since February 2012, which is the lowest point of the last recession, the state’s private sector added a total of 407,200 jobs.
Increases also were seen in seven of the nine major private industry sectors.
Industry’s that added jobs over the month include:
- Trade, transportation and utilities: +5,000;
- Professional and business services: +4,000;
- Leisure and hospitality: +3,700;
- Manufacturing: +2,200;
- Education and health services: +1,100;
- Other services: +1,100.
Industry’s that lost jobs over the month include:
- Financial activities: -700;
- Information: -400.